Analysts highlight intensified downside momentum for USD/SGD, targeting key support levels at 1.2860 and 1.2830.
USD/SGD downside momentum has strengthened following a sharp intraday reversal, with support levels now identified at 1.2875 and 1.2860. The pair is expected to remain below 1.2910 in the near term, though a close under 1.2860 could drive a deeper decline toward 1.2830 unless resistance at 1.2930 is breached.
Recent price action saw USD drop to 1.2875 before rebounding, only to plummet again to 1.2876. Analysts noted that while momentum had increased, consolidation between 1.2885 and 1.2930 was initially expected. However, volatility exceeded forecasts, with USD briefly touching 1.2928 before falling sharply.
Over a 1-3 week horizon, a sustained break below 1.2860 could accelerate losses, though resistance at 1.2930 remains a critical hurdle. The pair’s recent volatility suggests heightened downside risks if support levels fail to hold.